best value fundamentaly in Pilgangoora, page-18

Yep 50% interest. So basically initial expectation is something like 75kt of production as their half of the 1.2Mtpa. Plans to add a secondary fines circuit to improve recovery and get them to somewhere closer to 200kt of spod per year (100kt as 50%). Resource is bigger they just did things backwards and went for production before drilling the resource out. Total project still only at a MC of $300m and carrying no debt. They should be able to increase output in future years just like PLS and AJM.

In my opinion the main reason I always overlooked TAW was that I wasn't sure on their resource but the more drilling data that comes in the more viable it is looking and I think that might not have been an uncommon line of thinking which has been reflected in the price appreciation. Given the direction both PLS and AJM are travelling it makes sense that TAW will follow with possibly stronger upside based on a still lower valuation and the no debt. I am not holding TAW at the moment as money spread everywhere and would rather keep my discount on PLS/AJM than selling to shift some but I like all 3 moving forward.